LatAm
NPLs and REOs: LatAm, Spain and Portugal wake up to debt market new normal
Transactions with non-performing loans (NPLs) started to take off in the second quarter of 2021, especially in Spain and Portugal. The gradual fading in continental Europe of the health impact of COVID-19, combined with the progress made in vaccinations, have allowed various “sleeping” transactions to be brought back into motion and new transactions to be closed between the first and second quarters of 2021. Meanwhile, in the global arena, there have now been numerous alerts from regulators over the deteriorating quality of financial institutions’ loan assets. The coming to an end of governmental relief or forbearance measures, combined with the heightened impact of COVID-19 on very specific business sectors, are likely to hasten the pace of NPL transactions over coming months.Software as a Service (SaaS): a challenge posed by highly complex tax rules in a digital and interconnected world
Software as a Service or SaaS, which allows remote technological support to be offered across borders, raises various questions in tax matters in an interconnected world. In this article, Garrigues tax experts analyze the tax treatment of SaaS in different Latin American countries, in a graphic and simplified way.Garrigues recieves first prize as the best local legal adviser of the year in Latin America from the international publication ‘IJ Global’
Garrigues has been awarded first prize as the best Latam Local Legal Adviser of the year by the publication specializing in project and infrastructure finance IJ Global, which acknowledges the work of legal advisers in large transactions every year in North and Latin America. Five projects advised by Garrigues in the transport and power sectors were also awarded prizes.Andean Community arbitrators need to request a preliminary interpretation in order to apply community laws
The Andean Community Court of Justice (Tribunal de Justicia de la Comunidad Andina or TJCA) has clarified the cases in which arbitrators can request a “preliminary interpretation” (interpretación prejudicial) in the arbitration proceedings they conduct, where they are required to establish, create or apply a statutory principle for the interpretation of Andean legislation in order to settle a dispute submitted for arbitration. The TJCA issued this clarification in a decision handed down in proceeding 01-IP-2021, published in the Official Gazette of the Cartagena Agreement (Gaceta Oficial del Acuerdo de Cartagena) of May 6, 2021.Peru: Indecopi approves Guidelines for the Calculation of Notification Thresholds under the Merger Law
The Antitrust Commission of Indecopi (AC) has approved the final version of the Guidelines for the Calculation of Notification Thresholds, through Resolution 022-2021/CLC-INDECOPI published on June 1, 2021, as part of the implementation of the Peruvian merger control law ("Law 31112"), which will become effective this June 14, and its Regulations. The Guidelines are available here.Garrigues receives four awards in Latin America, including the Team of the Year for the Andean States in banking and finance law
Garrigues was named the Team of the Year for the Andean States in banking and finance law by the International Financial Law Review (IFLR), which each year selects the best deals carried out in the Americas. In choosing the winners, the IFLR Editorial Committee takes into account the cross-border element, as well as innovation and the valuation of the companies involved.Legal challenges in renting out multifamily properties in Latin America
Renting or leasing residential properties has its own legislation in the various Latin American jurisdictions, for both private renters and professional investors alike. In this article we look at multifamily properties, a type of property with its own peculiar characteristics that requires a more careful legal analysis. Here Garrigues Latam legal professionals tackle the legal challenges that need to be considered when assessing and conducting a multifamily property business, and describe how a few of these problems are dealt with under the legislation in force in Mexico, Colombia, Brazil, Peru and Chile.